The government on Friday, December 29, announced interest rates of small savings schemes for January-March 2024 quarter. While it hiked rates of Sukanya Samriddhi Yojana (SSY) and three-year time deposit by up to 20 bps, other small savings rates were kept unchanged.
Notably, the interest rates on small savings schemes are reviewed every quarter by the government.
Here are the revised rates offered by small savings schemes for January-March 2024 quarter:
| Savings Scheme | Interest rate |
| Post Office Savings Account | 4% |
| Post Office Recurring Deposit | 6.7% |
| Post Office Monthly Income Scheme | 7.4% |
| Post Office Time Deposit (1 year) | 6.9% |
| Post Office Time Deposit (2 years) | 7% |
| Post Office Time Deposit (3 years) | 7.1% |
| Post Office Time Deposit (5 years) | 7.5% |
| Kisan Vikas Patra (KVP) | 7.5% |
| Public Provident Fund (PPF) | 7.1% |
| Sukanya Samriddhi Yojana | 8.2% |
| National Savings Certificate | 7.7% |
| Senior Citizens’ Saving Scheme (SCSS) | 8.2% |
In the last announcement, the government kept small savings interest rates steady for the October-December quarter except for a marginal increase in five-year recurring deposit rates.
Talking about SCSS, the interest rate was kept constant at 8.2% for the July-September quarter, following two consecutive quarters of upward revisions. In the April-June period, the interest rate was raised from 8% to 8.2%.
(Edited by : Amrita)
First Published: Dec 29, 2023 1:21 PM IST
